New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

Channel Infrastructure NZ Ltd / Equity Bottom-Up

<ul><li>Channel Infrastructure has lifted its dividend free cash flow payout ratio, delivering a 12.0cps–12.5cps FY25 dividend, coinciding with a strong PPI print for March 2025.</li><li>The target price has increased by 8% to NZ$2.32, with an OUTPERFORM rating maintained, due to strong earnings and higher dividends.</li><li>The company is viewed as a low-risk investment with a large portion of revenue fixed, and future leverage increases are being considered.</li></ul>

Channel Infrastructure has lifted its dividend free cash flow payout ratio, delivering a 12.0cps–12.5cps FY25 dividend, coinciding with a strong PPI print for March 2025.The target price has increased by 8% to NZ$2.32, with an OUTPERFORM rating maintained, due to strong earnings and higher dividends.The company is viewed as a low-risk investment with a large portion of revenue fixed, and future leverage increases are being considered.

Channel Infrastructure - Leverage Pays Dividends